Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Employee Benefits topic
No spam. Unsubscribe anytime.
Royston schedules readings to re‑adopt GMA defined‑benefit retirement plan
Summary
City Attorney Doug Ashworth told the council the Georgia Municipal Association updated documents to preserve the plan’s IRS tax‑qualified status; the council was told the ordinance can receive its first reading Aug. 13 and a second reading Sept. 10 to meet a Sept. 16 GMA deadline.
City Attorney Doug Ashworth told the Royston City Council on Aug. 6 that the Georgia Municipal Association had filed updated documents with the IRS for the GMA employee retirement benefit system and that the IRS has accepted those updates. Because Royston previously adopted the GMA defined‑benefit retirement plan, Ashworth said, the city must readopt the amended document to protect the plan’s tax‑qualified status.
Ashworth said the change requires an ordinance and, under the city code and charter, two readings. He told the council the first reading can occur on Aug. 13, 2024, and the second on Sept. 10, 2024, which would meet the GMA deadline of Sept. 16, 2024.
The readoption is a technical, compliance‑oriented step: as Ashworth explained, the update preserves the plan’s tax‑exempt treatment under federal law. The council did not take a vote at the Aug. 6 work session; Ashworth framed the action as scheduling the readings so the city can comply with GMA and IRS requirements.
Next steps: The ordinance is expected to be presented for its first reading at the regular meeting on Aug. 13, 2024, with a second reading and final adoption planned for Sept. 10, 2024. No vote or motion was recorded at the Aug. 6 work session.
